First set off
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
18 February 2017
which first can be set off
current year loss or brought forward loss against income.
current year loss or brought forward loss against income.
18 February 2017
First losses in the current year will be set off (Inter source and then Inter head adjustments).
If sufficient income remains. brought forward losses of previous years shall be set off.
If sufficient income remains. brought forward losses of previous years shall be set off.
Querist : Anonymous
Querist :
Anonymous
(Querist)
18 February 2017
but brought forward loss first shall be adjusted because of limit of restricted for brought forward loss
18 February 2017
Suppose I have Chemical business (C1) and Paper business (P1).
C1 has loss Rs. 30000 and P1 has profit Rs.50000
I also have brought fwd loss in C1 Rs. 25000.
Now I must first set off current year C1 with P1. So current year business income becomes Rs.20000
Next I will set off b/f loss of C1 to the extent of Rs.20000. Balance will be carried fwd.
C1 has loss Rs. 30000 and P1 has profit Rs.50000
I also have brought fwd loss in C1 Rs. 25000.
Now I must first set off current year C1 with P1. So current year business income becomes Rs.20000
Next I will set off b/f loss of C1 to the extent of Rs.20000. Balance will be carried fwd.
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